January 2, 2018
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
According to the Social Security Administration, some will be obligated to pay federal income taxes on Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return).
No one can avoid the long arm of the tax man altogether, but there are ways to reduce your income and lower (or even avoid paying) taxes on your Social Security benefits. Consider the following tips:
Of course, be sure to consult with our firm if you have questions and to ensure the best tax strategy. Here’s to a happy and financially healthy New Year!
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PPP Loan Forgiveness Update
There is no immediate deadline to apply for loan forgiveness. Forgiveness applications can be filed up to 16 months from the date a business received PPP loan funding.
We suggest deferring PPP forgiveness until 2021. IRS notice 2020-32 states that the expenses paid with...
This Thanksgiving, what are you grateful for?